Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.104%46s7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1231.227% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 3 days (all we have)−0.137%−$14 · spread now +0.104%, 7d avg +0.044%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.059% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.104% now, against its 7-day average of +0.044%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.031% in total) that is about 14 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps SKHY-USD	192.55	0.0050	pay 0.0006% / 1h	37m 18s	$188K	$456K	10x
Short	Phemex SKHYUSDT	192.75	0	get 0.0000% / 8h	6h 37m	$1.5M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$10.5
Price spread: +0.104% → +0.044%: $5.94
Slippage, 4 orders: −$102.71
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$127.27
Costs to cover: 1.227%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 30 min ago; Phemex: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Polymarket Perps live order book, 30 min ago	2.85 bp	6.8 bp −$7	7.7 bp −$77	11.3 bp −$1,135	doesn't fit
Sell Phemex live order book, 1 min ago	2.85 bp	51.9 bp −$52	doesn't fit	doesn't fit	doesn't fit

SKHY on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX SKHYUSDC	−0.0874%	4h	192.69	+0.074%	$581K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	192.90	+0.182%	$45K	$874K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.73	+0.091%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.69	+0.074%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.68	+0.067%	$210.0M	$385.3M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.66	+0.057%	$15.6M	$27.2M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.63	+0.042%	$46.7M	$69.0M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.62	+0.036%	$25.8M	$18.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	192.94	+0.200%	$1.6M	$2.2M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	192.71	+0.084%	$22K	$192K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	192.92	+0.192%	$706	$6.6M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	192.72	+0.088%	$48K	$270K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.69	+0.073%	$160K	$376K	50x	as long as short
Phemex SKHYUSDTshort	0.0000%	8h	192.75	+0.104%	$1.5M	$1.1M	10x
QFEX SKHY-USD	+0.0002%	1h	192.64	+0.047%	$1.2M	$4.6M	10x	as long as short
Nado SKHY-PERP	+0.0026%	1h	192.72	+0.087%	$42K	$21K	10x	as long as short
Lighter SKHY	+0.0032%	1h	192.57	+0.010%	$1.0M	$683K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.59	+0.021%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.77	+0.114%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.66	+0.057%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.66	+0.057%	$197K	$257K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	192.58	+0.016%	$162.6M	$65.3M	10x	as long as short
Polymarket Perps SKHY-USDlong	+0.0050%	1h	192.55	long leg	$188K	$456K	10x
SoDEX SKHY-USD	+0.0050%	1h	192.70	+0.078%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.91	+0.187%	$533K	$1.8M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	192.71	+0.083%	$1.1M	$279K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.68	+0.068%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.08	+0.275%	$2.3M	$445K	50x	as long as short
Phoenix SKHY	+0.0331%	1h	192.96	+0.213%	$216K	$123K	10x	as long as short
Bitget SKHYUSDT	+0.0353%	8h	192.71	+0.083%	$25.5M	$26.4M	20x	as long as short
Kraken Futures PF_SKHYUSD	+0.0707%	1h	192.81	+0.134%	$51K	$17K	20x	as long as short